Grant Thornton’s "The Financial Services Insider" is a Quarterly Newsletter designed to help you navigate the constantly changing regulatory landscape within which your business operates.
"The Financial Services Insider" covers the main regulatory developments in the Financial Services sector, published by the EU and Greek competent authorities the previous quarter, in order to help you remain up-to-date with the most significant regulatory updates affecting your organization.
The most important highlights of the 1st quarter of 2023
The 1st quarter of 2023 was marked by several regulatory developments in various areas such as AML, ESG, Risk Management, Insurance and Capital Markets.
Anti-Money Laundering (AML)
FATF published i) its annual report for 2021-2022, ii) a list of states under enhanced scrutiny and high-risk states for AML/CFT purposes and iii) new guidance on BO of legal persons. Also, ESRB issued a report on promoting macro-precautionary tools to ensure cyber resilience.
Capital markets
EBA i) published peer review on authorisation under the PSD, ii) clarified the application of strong customer authentication requirements to digital wallets, iii) published a consultation on amending ITS on supervisory disclosures and iv) published final draft technical standards defining the homogeneity of the underlying exposures in STS securitization.
ESG
ECB published i) the results of the 2022 climate risk stress test of the Eurosystem balance sheet, ii) its report regarding climate-related financial disclosures for non-monetary policy portfolios and iii) new climate-related statistical indicators to narrow climate data gap.
Fintech
BIS issued a bulletin that addresses the risks from crypto market and a working paper providing a deep dive into DeFi. Furthermore, ECB published the main take-aways from the horizontal assessment of the survey on digital transformation and the use of fintech, while EC launched the "Regulatory Sandbox" for blockchain technology.
Insurance
EIOPA published i) its Risk Dashboard based on Solvency II data from the third quarter of 2022, ii) a consultation on changes to the minimum amount of professional indemnity insurance cover and financial capacity intermediaries need under IDD, iii) a staff paper on nature-related risks and their relevance to insurance and iv) a new survey to map financial innovation in insurance.
MIFID II
ESMA updated its guidance on product governance.
Risk Management
EBA published i) its quarterly Risk Dashboard, ii) its report on liquidity measures, iii) Handbook on data submission for supervisory benchmarking, iv) its annual quantitative monitoring report on MREL complemented by a related impact assessment, v) annual assessment of banks’ internal approaches for the calculation of capital requirements and vi) new set of indicators to identify potential causes of consumer harm.
Other
EC raised a further €6 billion in its third syndicated transaction for 2023 and provided guidance to Member States on the conduct and coordination of fiscal policy for next year.
